Socialists in Europe empowered the European Regional Development Fund and Cohesion Fund to create 1 million jobs by 2027

The S&D Group welcomes the approval of the report on the European Regional Development Fund and Cohesion Fund (ERDF-CF) backed today in Plenary by a large majority. This is a vital step to boost the crucial role of the ERDF-CF: the biggest European public investment tool, one fourth of the whole Multiannual Financial Framework spending over the next 7 years 2021-2027.

The objective of European Regional Development Fund and Cohesion Fund is to create one million jobs (as achieved in the 2007-2013 period) and in a broader extent to raise the level of all the 274 European regions in areas including innovation, climate action, transport and social issues.

We have always been at the forefront of the fight for a fair, just and sustainable investment programme to tackle the upcoming challenges in society. We are proud to have achieved further flexibility within the current framework of Stability and Growth Pact for the public investments.

S&D rapporteur on the European Regional and Development Fund and Cohesion Fund, Andrea Cozzolino, stated:

“The European Regional and Development Fund and Cohesion Fund is now more flexible as we shifted the focus from the national to the regional level. We nearly doubled investments for cities and their urban sustainable development from 6 to 10%. For the first time, a minimum of 5% could also be allocated to small villages and rural areas which were hit hard by the crisis. The investment clause offers further national flexibility to support key areas in the interest of our citizens. This is a huge success for more jobs and sustainable growth in our European regions.”

“With this biggest public investment tool we’ve set the priorities for Europe for the next decade and ensured that every single region will profit with social projects, innovation and better infrastructure. I am optimistic that we can create another one million jobs in Europe as we achieved in the previous period. I am however disappointed by conservative groups whom did not ambitiously support effort to mitigate climate change as they failed to realise that investments for airports and fossil fuels are no longer part of a sustainable future.”